Nepal records negative balance of trade with 112 countries

October 27, 2018

KATHMANDU: Official statistics revealed that Nepal has a trade deficit with 112 countries of the globe.

According to recent data disclosed by the Department of Customs, out of 140 countries, Nepal has trade surplus with only 28 and a widening deficit with other 112

Nepal witnessed highest volume of trade deficit with neighbouring countries, India and China in the recent three months.

Data revealed that Nepal has a gross trade deficit amounting over Rs 222.9 billion.

During the last three months, Nepal imported goods worth amounting to Rs 236.1 billion from India. On the other, Nepal has exported goods worth Rs 13.16 billion in the span.

Likewise, Nepal imported goods worth over Rs 53.11 billion from China and exported several goods worth Rs 560.4 million.

Nepal has the third highest trade deficit with European country, France. Goods worth Rs 14.26 billion were imported from France during the period while exports amounted to Rs 352.2 million.

Similarly, Nepal faces a negative balance of trade with UAE, Thailand, Switzerland, Indonesia, Canada, Malaysia, Argentina, Ukraine, Saudi Arabia, South Africa, Italy, Vietnam, South Korea, Australia, Turkmenistan, Taiwan, Japan, Singapore and Hong Kong including others.

On the contrary, Nepal’s exports to the United States of America exceeds the imports. Nepal traded goods worth Rs 3.19 billion and accumulated Rs 668.3 million in profits.

Other countries that Nepal has so far maintained a positive BoT are Norway, Finland, Austria, the Maldives, Morocco, Estonia, Afghanistan, Lebanon, El Salvador, Uruguay and Cyprus.